Answer:
Bad debt expense: 114,000
Explanation:
Dinty Inc. during the year canceled the accounts receivable it had attempted to collect and failed for $ 32,000 and reported a provision for bad accounts of $ 82,000. Both operations have to be registered against "Bad debt expenses" because they represent accounts receivable that are presumed to be without recoverable value.
Bad debt expense 114,000
Accounts receivables 32,000
Provision for bad accounts 82,000
114,000 114,000
Answer:
The accumulated depreciation at 1 January 2019 = $425000
January 1, 2019
Accumulated Depreciation 425000 Dr
Cash 400000 Dr
Loss on disposal 95000 Dr
Machine 920000 Cr
Explanation:
The straight line method of depreciation charges a constant depreciation expense every year through out the estimated useful of the asset. The depreciation expense per year under this method is calculated as,
Depreciation expense per year = (Cost - Residual value) / estimated useful life of the asset
Depreciation expense per year = (920000 - 70000) / 8 = $106250 per year
The asset was used for four years from 2015 to 2018. Thus, the accumulated depreciation at 31 December 2018 is,
Accumulated depreciation - 31 Dec 2018 = 106250 * 4 = $425000
The Net book value of the asset at 31 December 2018 = 920000 - 425000 = $495000
The loss on disposal is = 495000 - 400000 = $95000
Answer:
Explanation:
Make sure you use pen so no one can erase what you put. Also make a line after you right the number so people can't add more numbers. Also don't give a check to anyone that you don't trust!
EXAMPLE ATTACHED
Basically the points help get you static up i guess, I'm not sure.
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